Walmart Spurns Synchrony to Partner With Capital One
Narrow-moat Synchrony will lose Walmart’s credit card portfolio to Capital One. Though we’ll wait until after Synchrony’s earnings report to adjust our projections, we estimate that we’ll decrease our fair value estimate by approximately 20%. Using end-of-May loan balances, Walmart accounts for about 13% of Synchrony’s total receivables. In addition, this doesn’t even include Sam’s Club, which likely accounts for another 8% to 10% of the company’s loan portfolio. We have to assume the Sam’s Club...Synchrony Financial is a savings and loan holding company and financial holding company. Through its subsidiaries, the company delivers a range of financing programs, as well as consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. The company provides a range of credit products through its financing programs which it has established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which it refers to as its partners. Through its partners, the company provides their customers a variety of credit products to finance the purchase of goods and services.
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